Overturning the CFPB rule "Overdraft Lending: Very Large Financial Institutions"
- Nullifies the CFPB overdraft rule: The resolution would disapprove the Consumer Financial Protection Bureau’s rule for very large financial institutions, leaving it with no force or effect. The rule gives these institutions options that include capping overdraft charges at $5, setting a higher cap with justification, or treating overdrafts as credit and following Truth in Lending Act disclosure requirements
- Introduced
- In committee
- Reported▲ THIS MARKUP
- Passed House
- Passed Senate
- Law
What’s next: a floor vote. None is scheduled.
Readers can rate the committee’s call once its decision is on record.